Escrow Account
, Page views: 3041 Edit this page
- Safari Users
- Sorry, at this time, if you are using a Safari web browser you will be unable to create or edit pages in the Real Estate Guide. We're currently working on a solution. In the meantime, if you have a Firefox browser, you can use that to create or edit pages.
A neutral third-party account holding documents and money during a real-estate transfer until the sale is finalized. It can also be an account in which money for property taxes, homeowners insurance, and mortgage insurance is paid. (Note: The word "escrow" comes from the Middle English word "escrowl", which means "scroll" or parchment.)
The best way to think of an escrow account is as an automated way to pay your taxes and insurance. Every month that you make your mortgage payment, a portion for taxes and insurance go into this account. Each year when taxes are due, and when insurance is due- the escrow account will automatically pay it for you. This keeps you from having to pay it all at once.
Related Links
Uploading Image- Edit this page
- |
Flag content
Close
- Flag Content as Offensive
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow.com, please let us know by completing the information below.
( *=Required)
Close- Content Flagged
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Close- We're Sorry
- This service is temporarily unavailable. Please come back later and try again.
